Bail denied to bank prez third time

Bengaluru: The high court has again refused bail to K Ramakrishna, president of Sri Guru Raghavendra Sahakara Bank Niyamitha and Sri Guru Sarvabhauma Souharda Co-operative Limited, in connection with a case registered by Directorate of Enforcement (ED) under Prevention of Money Laundering Act.
"Merely because he is in custody for two years and seven months cannot be a ground to enlarge the petitioner on bail when a PML offence has been invoked. Further, the charges levelled against him involve committing fraud to the tune of Rs 1,553 crore by creating fake documents and granting loans in favour of fictitious persons, particularly 24 of them, and Rs 928 crore was misappropriated," Justice HP Sandesh observed in his order.
Ramakrishna was arrested on Feb 22, 2022. He approached the trial court and high court for bail twice, and both pleas were rejected. Even his petition challenging the same was rejected by the Supreme Court. Thereafter, he approached the trial court once again, seeking relief on different grounds, invoking Section 479(1) of BNSS, 2023, and also on the ground that there is a delay in the trial and he has been in custody for two years and seven months. After that plea was rejected, he moved the high court again.